Many think that a mobile wallet is just about payments. I think the mobile wallet is a new and powerful marketing and loyalty platform. Peoples’ lives have become centered around mobile phones. They are constantly present in pockets and play the role of cameras, phones, web browsers and are a way to keep connected in daily life.
Mobile wallet is a service that manages digital content such as offers, coupons, loyalty rewards, tickets, boarding passes, and bus or train tickets, gift cards, information cards, loyalty cards, hotel key cards, IDs, driver’s licenses, electronic receipts or product information from multiple brands and that enables transactions.
In the hands and pockets of hundreds of millions of people
Apple fully launched Apple Pay in 2015. Google, Samsung, and others were quick to follow, unveiling their payment apps. This move by these tech giants automatically puts the mobile wallet into the hands and pockets of hundreds of millions of people worldwide.
The Most Direct Communication
The mobile wallet allows for the most direct form of communication without emails or text messages once people have added a digital card to there. Email marketing has been quite the rage over the past decade. As with every other marketing technique that drives sales, space has become overcrowded.
Paper flyers and emails go often straight to the trash
Like paper flyers, emails go often straight to the trash as inboxes are overflowing. The problem is that it’s hard for most people to sort through all emails and find the ones that matter to them. Yet the mobile wallet allows for deals, promotions or discounts to appear as push notifications.
Rather than getting caught up in the flurry of email messages that people have in their inbox, businesses can show up on their lock screen. By creating value and sending a push notification at the right time, businesses can develop a better relationship with people than email ever could.
Another great thing about mobile wallet content is it can be updated at any time. This allows businesses to always keep offers relevant and up to date. The other opportunity this offers is the ability to connect with people. When updating a digital coupon, card or pass, you can push a message directly on to the lock screen of your customers, grabbing their attention and standing out from the rest of the marketing messages they receive.
These push notifications and pass updates are what allow you to use mobile wallet content instead of email newsletters.
Beyond easy payments through the people’s preferred mobile wallet app, digital coupons, tickets, passes, and vouchers or cards stored in the same place provide ultimate convenience and minimal memory usage.
You can see them as a kind of smart bookmarks – due to their dynamic nature – to the best deals on the best things which people can get any time, redeem or validate directly from their mobile phones, and never need to worry about expiration dates. Clickable links on their backside allow people to call, email or find businesses directly and open websites, customer support channels, and social media or install related mobile apps.
Apple lets people send money to one another directly through the Wallet app. The real value for businesses, however, comes in leveraging this peer-to-peer sharing for more diverse mobile wallet content, like event tickets, loyalty points, club member status and more.
Businesses could allow loyalty cardholders to share points with their peers or family. People could share an event invitation directly through the mobile wallet interface to people in their proximity without having to share the content on social media – cutting out middle-men and making the process more streamlined. Contact details could easily be shared at a meeting by simply sending your digital business card stored in the mobile wallet to everyone in the room.
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